Essential goals like “trust and censorship resistance” can be aided by distributed ledger technology, said Buterin.
Vitalik Buterin, co-founder of each Ethereum & Bitcoin Magazine, took to Twitter to share his thoughts on non-financial use cases for blockchain technology.
In a paper titled “Where to use a blockchain in non-financial applications?” Buterin expressed a growing interest in using blockchain technology outside of the money industry. He noted that whereas other industries are slow to adopt the technology, he will “see the value of blockchains in many things.”
He said that distributed ledger technology can facilitate with “really vital goals like trust and censorship resistance however generally strictly for convenience.” within the paper, he declared that “blockchains as data stores” may well be quite vital in the grand theme of things which he expects them to be used for “cheap and reliable data retrieval.”
Another potential use case that was discussed was pen-source metrics — a plan still in its infancy that would allow diversity and decentralization to be measured:
“An ideal voting mechanism would somehow keep diversity in mind, giving greater weight to projects that are supported not just by the largest number of coins or even humans, but by the largest number of truly distinct perspectives.”
Buterin ended his paper by saying, “I have an outsized degree of uncertainty in just what level of non-financial blockchain usage in every of those classes is sensible, however it looks clear that blockchains as an enabling tool shouldn't be dismissed.”
Ethereum 2.0 remains on the horizon, and with it, the planned network switch to proof-of-stake. The update has been delayed several times and recently had a made launch on Ethereum’s Ropsten take a look at network. The project’s representatives have last said that they hope to unleash the upgrade to the mainnet by August 2022.
( Noah Washington, Cointelegraph, 2022 )